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4 automakers agree to $553M settlement of Takata airbag claims

WASHINGTON (Reuters) - Four automakers agreed to a $553 million settlement to address class-action economic loss claims covering owners of nearly 16 million vehicles with potentially defective Takata airbag inflators, according to court documents filed on Thursday. Toyota's share of the settlement costs is $278.5 million, followed by BMW at $131 million, Mazda at $76 million and Subaru at $68 million. According to a press release from Plaintiffs' Committee for Takata Airbag Product Liability Litigation, the funds for the settlement are aimed at getting more cars with faulty airbags fixed. At the time of writing, Toyota had the greatest recall completion percentage of 31.89 percent followed by Subaru with 31.37 percent. Mazda has completed repairs on 18.16 percent of affected cars, and BMW brings up the rear with 16.48 percent completion. Some settlement funds will go to an outreach campaign to increase awareness, while other funds will be used to reimburse people for any costs accrued to get their cars fixed. These costs can include rental cars, child care, lost wages, or any other reasonable costs associated with bringing in a vehicle for repairs. Furthermore, a customer support program will be funded with settlement money to handle any additional repairs or adjustments that could become necessary in the 75,000 miles following the airbag replacement. Lawsuits against Honda, Ford and Nissan have not been settled, lawyers said. Takata inflators, which can explode with excessive force and unleash metal shrapnel inside cars and trucks, are blamed for at least 16 deaths and more than 180 injuries worldwide. The safety defect has prompted recalls worldwide of about 100 million inflators by more than a dozen major automakers. Reporting by David Shepardson, additional details by Autoblog's Joel StocksdaleRelated Video: Government/Legal BMW Mazda Subaru Toyota

Japan may aid carmakers facing U.S. tariff threat

TOKYO — Japan is considering giving carmakers fiscal support including tax breaks to offset the impact from trade frictions with the United States and a sales-tax hike planned for next year, government sources told Reuters on Wednesday. Going into a second round of trade talks with the United States on Sept. 21, Japan is hoping to avert steep tariffs on its car exports and fend off U.S. demands for a bilateral free trade agreement that could put it under pressure to open politically sensitive markets, like agriculture. "If the trade talks pile pressure on Japan's car exports, we would need to consider measures to support the auto industry," a ruling party official said on condition of anonymity because of sensitivity of the matter. The auto industry accounts for about 20 percent of Japan's overall output and around 60-70 percent of the country's trade surplus with the United States, making it vulnerable to U.S. action against Japanese exports. Japan's biggest automakers and components suppliers fear they could take a significant hit if Washington follows through on proposals to hike tariffs on autos and auto parts to 25 percent. Policymakers also worry that an increase in the sales tax from 8 percent to 10 percent planned for October 2019, could cause a slump in sales of big-ticket items such as cars and home. Prime Minister Shinzo Abe has twice postponed the tax hike after the last increase from 5 percent in 2014 dealt a blow to private consumption, which accounts for about 60 percent of the economy. To prevent a pullback in demand after the tax hike, the government may consider large fiscal spending later when it draws up its budget for next year, government sources said. "One option may be to greatly reduce or abolish the automobile purchase tax," one of the government sources said. The government is also considering cuts in the automobile tax and automobile weight tax to help car buyers, the source added. Reporting by Izumi Nakagawa and Tetsushi KajimotoRelated Video: Image Credit: Getty Government/Legal Isuzu Mazda Mitsubishi Nissan Subaru Suzuki Toyota Trump Trump tariffs trade

Mazda brings slick sports-car concept to Tokyo

Mazda teased a slick spots-car concept Wednesday that will debut at the 2015 Tokyo Motor Show. The as-yet unnamed concept promises to blend elements from the company's heritage with a sleek and modern shape. It apparently takes the form of a front-engine, two-door coupe – always a favorite configuration – with a sloping roofline and classic hood-to-greenhouse ratio. It'll be displayed alongside the Koeru concept (which returns home for its Japanese debut), a handful of MX-5 Miatas, and a classic 1967 Cosmo Sport 110S – the marque's original, rotary-powered sports car. We have a good feeling that it's the latter from which the new concept principally draws its inspiration, albeit with different dimensions than the long-tailed original - and hopefully a little RX-7 thrown in for good measure. We'll have to hold on a while longer to find out, but we're looking forward to seeing the finished product. Mazda to Unveil New Sports Car Concept at Tokyo Motor Show -- Japan-debut of Mazda KOERU and racing-spec Mazda Roadsters among fourteen models on display -- HIROSHIMA, Japan, Sept. 29, 2015 /PRNewswire/ -- Mazda Motor Corporation will hold the world premiere of a new sports car concept model at the 2015 Tokyo Motor Show, which runs from October 30 through November 8.*1 A total of 14 models will be on display at the Mazda stand, including crossover concept Mazda KOERU making its first appearance in Japan, two racing-spec Mazda Roadsters (known as Mazda MX-5 outside Japan) and the Cosmo Sport (110S outside Japan), first introduced in 1967. The design of the sports car concept to be unveiled in Tokyo is modern but maintains a sense of lineage and authenticity, appearing almost to condense Mazda's entire history of sports car development into a single model. In line with the company's theme for the Tokyo Motor Show this year, "Accelerate toward our dreams," Mazda will make an appeal for the brand's unique approach to driving pleasure. In addition to the sports car concept, Mazda KOERU will be on display along with new-generation models featuring SKYACTIV Technologies and KODO—Soul of Motion design. A motor sports exhibit will feature racing-spec Roadsters and the Cosmo Sport will complement a heritage display showing Mazda's history of convention-defying engineering.